Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 May 2006drilling progress report● Neutral
Eagle North-1 horizontal stopped at 4,386m because of running sands. A 177m interval will now be production tested, expected over about four days. Success is still seen as a 4-6 fold improvement on the 1986 well. FAR holds 15%.
5 May 2006drilling result▲ Good
Horizon Oil (30% partner) repeats ROC's report: strong oil shows at 1,956m in Wei-6-12S-1 and the well likely to be classed a discovery. Commercial significance awaits logs. FAR holds 5%. Duplicates the operator's news.
5 May 2006drilling result▲ GoodMajor
ROC reports strong oil shows in a 3-5m sand at 1,956m in Wei-6-12S-1, plus a gas-rich interval at 1,985m. Its CEO says the well is likely to be classified a discovery, but size is unknown until logs. FAR holds 5%.
3 May 2006drilling progress report● Neutral
ROC says Wei-6-12-S-1 had drilled to 1,680m by 3 May and expects the first reservoir target by early next week. FAR holds 5% through a subsidiary. A routine update with no result.
1 May 2006drilling progress report● Neutral
Kakwa 6-18-63-4 (FAR 15%) is drilling below 3,460m toward 3,950m, about 70 days in total, with 5 Cretaceous zones likely productive. Eagle North-1 is drilling at 14,295 feet. The China well has reached 1,208m casing point. No new results.
27 Apr 2006drilling progress report● Neutral
Operator Victoria Petroleum reports 11m of good oil shows in the Eagle North-1 horizontal to 4,308m, with oil inflow on a flow check. About 7 more days to drill the lateral. Up to 1,000 bopd is still anticipated. FAR holds 15%.
27 Apr 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 horizontal was restarted from the casing point after survey problems. About 6m of good oil shows are seen at 4,303m, and mud weight is being raised to control oil inflow. FAR holds 15%.
27 Apr 2006drilling progress report● Neutral
Lakes Oil repeats the operator's Eagle North-1 report: good oil shows to 4,308m and oil inflow on a flow check. Duplicates the operator's news; no new result. FAR holds 15%.
26 Apr 2006drilling spud● Neutral
Operator ROC says the Wei-6-12-S-1 well on Block 22/12 started drilling on 25 April and is expected to take about 21 days to 2,530m. FAR holds 5% through a subsidiary. This is the spud flagged earlier. Other items are not FAR wells.
20 Apr 2006drilling scheduled● Neutral
Petsec says Wei 6-12-S-1 on Block 22/12 spuds next week, about 21 days, testing 10-20 million barrels. FAR holds 5%. CNOOC can back in for 51% of any development. Repeats the operator's news.
19 Apr 2006drilling progress report● Neutral
ROC (operator) says the Wei-6-12-S-1 well on Block 22/12, offshore China, is due to spud next week, about 21 days to drill. FAR holds 5% through a subsidiary. Other items cover wells in which FAR has no interest.
19 Apr 2006drilling progress report▲ Good
Kakwa (FAR 15%) logging at 3,096m shows good gas in the Cretaceous, with 5 zones likely productive, before drilling on to 3,950m for the main Wabamun target. Lake Long #8 completion is about to start; a deep Hollywood test is priced for later in 2006.
18 Apr 2006drilling progress report● Neutral
Operator reports the 4.5-inch liner set at 4,281m in Eagle North-1 after oil shows from 4,255m. It is preparing to drill the 320m lateral, about 7 days, with up to 1,000 bopd anticipated if successful. Largely duplicates earlier reports; FAR holds 15%.
18 Apr 2006drilling progress report▲ Good
Operator reports good oil shows in the Eagle North-1 horizontal's target Gatchell sand from 4,255m, drilling at 4,272m. A liner is to be set before a 320m lateral, about 7 days. This is the first oil sign since the vertical test failed. FAR holds 15%.
18 Apr 2006drilling progress report▲ Good
Sun Resources says the Eagle North-1 horizontal has landed in the lower Gatchell sands at 4,255m, with about 30m of good oil shows so far. The 320m lateral and drill stem test follow. FAR holds 15%.
31 Mar 2006drilling progress report● Neutral
Operator Victoria Petroleum confirms the revised Eagle North-1 plan: a new horizontal from 4,028m with a safer medium-radius curve, a 4.5-inch liner, then a 320m lateral, about 15 days. It still anticipates up to 1,000 bopd if successful. FAR holds 15%.
31 Mar 2006drilling progress report● Neutral
Sun Resources says the Eagle North-1 horizontal was restarted from a new window at 4,028m after the earlier mechanical problems and hole deterioration. Plan is a conservative curve to land in the Gatchell sands, then a 320m lateral. FAR holds 15%.
30 Mar 2006drilling progress report● Neutral
Kakwa (FAR 15%) is drilling below 2,045m toward 3,950m. At Clear Hills, Sweeney 102 reached 1,200m with gas shows, but the bit stuck and the well was suspended until the thaw. Lake Long SL328 #8 is cased, with completion in the H Sand next.
24 Mar 2006farm in farm out agreement▲ GoodMajor
FAR takes a 15% interest in a second Suncor gas project, Clear Hills, Alberta, with operator Choice. First of two obligatory shallow Notikewin tests (Sweeney 102, about 1,000m) has spudded; Suncor estimates 5-11 BCF recoverable. Logging expected early next week.
21 Mar 2006drilling progress report● Neutral
Kakwa 6-18-63-4 well (FAR 15%) has reached 530 metres and has run surface casing, preparing to drill ahead to 3,950 metres. Duration estimate has lengthened to about 70 days from 60. No result yet.
21 Mar 2006drilling progress report▼ Bad
Operator confirms the same Eagle North-1 horizontal delay: mechanical and mud circulation problems, still at 4,131 metres. A 300-metre lateral and test follow, with up to 1,000 barrels a day anticipated if successful. Duplicates Sun's report; FAR holds 15%.
21 Mar 2006drilling progress report▼ Bad
Sun Resources says Eagle North-1 horizontal drilling is delayed by mud motor, directional tool and mud circulation problems; still at 4,131 metres measured depth, unchanged from 13 March. A roughly 300-metre lateral and test remain ahead. FAR holds 15%.
14 Mar 2006farm in farm out agreement▲ GoodMajor
FAR takes a 15% interest in a Kakwa, Alberta gas test with Suncor acreage and operator Choice Resources. The well targets 13,000 feet, estimated dry-hole cost CAD$4.7m, with 17 BCF estimated by Suncor. A rig is on location, spud expected within 48 hours. New Canadian gas thread.
13 Mar 2006drilling progress report● Neutral
Sun Resources says drilling of the Eagle North-1 horizontal resumed after rig mechanical problems, now at 4,131 metres measured depth building the curve toward the Gatchell oil sands. Drill stem test follows once the lateral is drilled. FAR holds 15%.
9 Mar 2006drilling result▲ GoodMajor
Lake Long SL328 #8 (FAR 1.375%) reached planned depth; preliminary logs show 27.4 feet of net pay in 3 zones, with up to 17.3 feet more possible. Payback is modelled under 6 months. FAR also reports 4,317 gross acres leased for its 34% Texas Gulf Coast 3D project.
7 Mar 2006drilling progress report● Neutral
Operator confirms horizontal drilling has started from Eagle North-1 toward Mary Bellocchi-1, through the lower Gatchell oil sands, expected to finish within about ten days. Up to 1,000 barrels a day is anticipated if successful. Same plan as Sun's release; FAR holds 15%.
3 Mar 2006drilling progress report● Neutral
Sun Resources says unloading Eagle North-1 with nitrogen began, yielding only about 400cc of oil. Flow test of three to five days, then a spinner log, is planned; sidetrack depends on flow rates. Update due 7 March. FAR holds 15%.
27 Feb 2006drilling progress report● Neutral
Sun Resources reports Eagle North-1 was perforated over 20 metres and the crew is checking the perforations before unloading the well to start oil flow. Test results are promised at the end of the week. FAR holds 15%.
27 Feb 2006drilling progress report● Neutral
Operator says Eagle North-1 casing is perforated and about five more days of clean-up are needed before the flow test, using nitrogen to start flow. Results are expected at the end of the week. Mary Bellocchi-1 flowed 223 barrels a day in 1986; FAR holds 15%.
23 Feb 2006drilling progress report● Neutral
Sun Resources says Eagle North-1 flow testing should start around 24-25 February. About 20 metres (4,143.7-4,163.6 metres) will be perforated, followed by a five-day flow test. Sidetrack decision depends on rates; FAR holds 15%.
